Choose a Bell Bank Mortgage lender, and apply online or schedule an in-person appointment to start the pre-approval process. Your mortgage lender will ask for several documents before pulling your credit score and report.

The documentation used for preapproval, such as credit reports, paystubs, etc., expire after 120 days – at which time those documents must be updated and re-analyzed.

The industry standard for document expiration is typically 120 days, as outlined by Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac).

Generally, you should receive your pre-approval within 24 to 48 hours from the time you applied.*

Knowing the rapid pace of the housing market, Bell Bank Mortgage lenders work hard to deliver your pre-approval on-time, often even if that means working early, late and through the weekend.

Pre-approval requirements vary from lender to lender and can change and fluctuate month over month or year over year.

Generally Bell Bank Mortgage requires*:

• Current credit report
• Income verification (W2’s, paystubs & tax returns)
• Asset statements

A mortgage pre-approval is often the first step in the home buying process. In addition to working with a real estate agent, prospective homebuyers most often work with a mortgage lender to get pre-approved for a home loan. The lender verifies the borrower’s information by pulling your credit report and credit score and reviewing financial documents to determine how much money the lender is able to lend the borrower toward a home.

Mortgage pre-qualification often relies on the borrower to share some basic financial information with the lender, so the lender can determine a rough estimate how much home the borrower can afford.

Mortgage pre-approval, however, requires proof of information by pulling credit score, credit report, bank statements and other financial documents as verification. Pre-approval is considered a more official step in the home-buying process.

Borrowers can get pre-approved for all types of loans, including:

Conforming loans (often referred to as conventional loans), such as:

• HomeReady program which extends qualifying income to others living in your home
• BorrowSmartSM program* extending grants to help with down payments or closing costs
• Home Possible® mortgagefor low- to moderate-income borrowers
• First-time homebuyer bond programs*, including down payment assistance
• Investment loans
• Second home financing, including seasonal cabin* or vacation home loans which have different requirements than a loan for a primary residence

Non-conforming loans:

• Federal Housing Administration (FHA) loans for people looking to buy their first home
• Veteran’s Administration (VA) loans benefit qualifying veterans, service members and military spouses
• U.S. Department of Agriculture (USDA) loans for buyers who want to purchase a home in a rural or suburban area (also called rural development loans)
• Jumbo loans that exceed the conforming loan limit backed by Fannie Mae or Freddic Mac ($548,250 in 2021).

Construction lending:

• New construction (including one-time-close loans*)
• Lot loans*
• Rehab home loans* to roll renovation costs into your mortgage

There are even county-specific programs and unique bank programs – such as Bell – Moving Forward, which offers greater flexibility on credit score qualifications (available in some markets).

^{*Not available in every market}

Realtors, real estate agents and builders often require a pre-approval letter before you start shopping, so they know you’re serious about home-buying (and not just window shopping).

Furthermore, a pre-approval letter tells the seller that – while not officially approved for the mortgage – you have met the requirements and have the funds to likely be approved for a home loan.